{"id":162829,"date":"2023-09-26T09:28:47","date_gmt":"2023-09-26T03:58:47","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=162829"},"modified":"2023-09-26T09:28:47","modified_gmt":"2023-09-26T03:58:47","slug":"ethereum-price-hints-at-potential-correction-but-faces-uphill-task-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/ethereum-price-hints-at-potential-correction-but-faces-uphill-task-crypto-news\/","title":{"rendered":"Ethereum Price Hints At Potential Correction But Faces Uphill Task &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p><em>Ethereum price is attempting a recovery wave from $1,565 against the US Dollar. ETH could struggle to recover above $1,600 and might resume its decline.<\/em><\/p>\n<ul>\n<li>Ethereum is slowly moving higher toward the $1,600 resistance zone.<\/li>\n<li>The price is trading below $1,600 and the 100-hourly Simple Moving Average.<\/li>\n<li>There is a major bearish trend line forming with resistance near $1,595 on the hourly chart of ETH\/USD (data feed via Kraken).<\/li>\n<li>The pair could start a fresh decline if it fails to clear the $1,600 resistance zone.<\/li>\n<\/ul>\n<h2>Ethereum Price Struggles Below $1,600<\/h2>\n<p>Ethereum\u2019s price started a fresh decline below the $1,620 and $1,600 levels. ETH even declined to a new weekly low below the $1,580 level, unlike <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-price-turns-vulnerable-26500\/\">Bitcoin<\/a>.<\/p>\n<p>It traded as low as $1,565 and recently started a short-term upside correction. There was a move above the $1,580 level. The price climbed above the 50% Fib retracement level of the recent drop from the $1,600 swing high to the $1,565 low.<\/p>\n<p>However, the bears are still active near the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.newsbtc.com\/analysis\/eth\/ethereum-price-breakdown-1600\/\">$1,600 resistance<\/a>. The price is struggling to clear the 76.4% Fib retracement level of the recent drop from the $1,600 swing high to the $1,565 low.<\/p>\n<p>Ether is now trading below $1,600 and the 100-hourly Simple Moving Average. There is also a major bearish trend line forming with resistance near $1,595 on the hourly chart of ETH\/USD. On the upside, the price might face resistance near the $1,595 level.<\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/09\/Ethereum-17.png?resize=1024%2C468\"><\/a><\/p>\n<p>Source: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/ETHUSD\/\">ETHUSD on TradingView.com<\/a><\/p>\n<p>The next major resistance is $1,600. A push above $1,600 might send Ethereum toward $1,620. If the bulls succeed in clearing the $1,620 hurdle, the price could start a decent increase toward the $1,650 resistance. Any more gains might open the doors for a move toward $1,700.<\/p>\n<h2>More Losses in ETH?<\/h2>\n<p>If Ethereum fails to clear the $1,600 resistance, it could start another decline. Initial support on the downside is near the $1,580 level.<\/p>\n<p>The next key support is $1,565, below which the price could test the $1,540 support. A downside break below $1,540 might push the price further into a bearish zone. In the stated case, there could be a drop toward the $1,500 level.<\/p>\n<p>Technical Indicators<\/p>\n<p>Hourly MACD<strong> \u2013 <\/strong>The MACD for ETH\/USD is losing momentum in the bearish zone.<\/p>\n<p>Hourly RSI<strong> \u2013 <\/strong>The RSI for ETH\/USD is now above the 50 level.<\/p>\n<p>Major Support Level \u2013 $1,565<\/p>\n<p>Major Resistance Level \u2013 $1,600<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum price is attempting a recovery wave from $1,565 against the US Dollar. ETH could struggle to recover above $1,600 and might resume its decline. Ethereum is slowly moving higher toward the $1,600 resistance zone. The price is trading below $1,600 and the 100-hourly Simple Moving Average. There is a major bearish trend line forming [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":162830,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-162829","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/162829","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=162829"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/162829\/revisions"}],"predecessor-version":[{"id":162831,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/162829\/revisions\/162831"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/162830"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=162829"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=162829"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=162829"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}